Summary of Treasury Secretary Geithner's

WASHINGTON (MNI) - The following is a summary of the prepared remarks of Treasury Secretary Timothy Geithner remarks to be delivered at 11:00 ET as obtained by Market News International:

OVERVIEW OF FINANCIAL STABILITY PLAN

The Plan will do four things:

1. To stabilize the system and restore confidence in our markets, for the first time ever federal bank regulators will come together to institute uniform standards to help clean up and strengthen banks, and conduct "stress tests" to ensure the nations largest banks can withstand a worsening economy. Those banks that need it will be given a capital buffer to ensure they can keep lending to families and businesses until they can attract additional private capital and weather economic downturns.

2. To revitalize lending and increase much-needed credit flowing to consumers and businesses, Treasury and the Fed are creating a new consumer business lending initiative to leverage up to $1 trillion dollars to kick start the secondary lending markets, which will bring down borrowing costs for responsible borrowers and help get credit flowing again.

3. To get financial markets working again, we will create a new Public-Private Investment Fund which provide government capital and financing to leverage private capital to buy up the toxic assets that are dragging down lending. This would allow financial institutions to cleanse their balance sheets while letting private sector buyers determine the price for previously illiquid assets.

4. To keep people in their homes and curb the housing crisis, Treasury will work with the Federal Reserve to commit $50 billion to reduce monthly payments and establish loan modification guidelines for government and private programs. The Financial Stability plan will also require all firms receiving federal funds participate in foreclosure mitigation plans to stem the housing crisis.

Access to government resources is a privilege not a right and comes with tough new conditions and responsibilities. We need to earn the publics trust that those who were not responsible for this crisis arent bearing a bigger burden than those who were.

To increase transparency and accountability to protect taxpayers, Treasury will:

- launch a new website, FinancialStability.gov, to detail where federal funds are going and whether they are succeeding in stabilizing the financial system and promoting new lending, including posting all contracts on the Internet.

- require banks to show how government assistance will expand lending and how they intend to use taxpayer dollars.

- Restrict dividends, stock repurchases and acquisitions to provide assurance that all taxpayer money will go to promote lending until that money is paid back.

- Limit executive compensation, restrict golden parachutes and require disclosure of luxury spending provisions so the public can hold them accountable.

- Prohibit political influence in investment decisions by restricting contact with lobbyist

Apparently.. Us Dollar do well against Asian currency today-pushing weakening the Baht..Yen also

I couldn't even read it without becoming angry.

If they're serious about stability now and stability in the future, and cleaning up the banking system, the first and utmost thing to do is either nationalize or kill the Fed. Period.

And I've stopped even following what the actual cost of the US bailouts are. Last I checked, it was approaching their GDP.

Disclosure .... loool.

Goodbye America. Goodbye world.

"We need to earn the publics trust" Good luck Obama

@Jason... The more the GDP destroying , the less the fruitful future there for me next year.. Oh America!

@ Rado...I do keep praying and wishing the best for me oh for him!.

lazy to get back to work tmr..*sleepy mode*

Basically, the plan is ''How high can we get the national debt?''

And Obama's answer is levels so high they were previously thought unachievable.

Change!

if we cut half of the aide to other countries we would be out of dept in no time...

if people have a better plan then present it...if they don't then what gives them the right to criticize, right count jason?

It's not really a question of their ability, but that they're compromised.

And hardly; US foreign aid actually amounts to less than 1% of the budget.

''Garlic'' ... that's ironic, lol!

It is normal to use fiscal policy to stimulate the economy rather than monetary policy which is ineffective now since the interest rate is about 0%.However, everyone have the right to criticize and curiose for theire decision

and their awareness of making any choices which actually we don't really know what is beneath.And because of,

we as a world nationality do believe in the capability of usa financial authority to cope with that problem.. and feel comfortable, but later.. the problem is even severe and contagious to the whole system.

The devil is in the details.